Lennar — Jun 16, 2025 release

Miller concluded, "We continue to focus on consistent volume and pace as we drive efficiencies through every part of our platform in order to realize improved margin even as market conditions soften. As we look ahead to the third quarter, we expect new orders between 22,000 and 23,000 homes, deliveries between 22,000 and 23,000 homes, and expect our gross margin to remain approximately 18%, all depending on market conditions.” 3-3-3 RESULTS OF OPERATIONS THREE MONTHS ENDED MAY 31, 2025 COMPARED TO THREE MONTHS ENDED MAY 31, 2024 As previously announced on February 10, 2025, Lennar Corporation completed its acquisition of Rausch Coleman Homes (“Rausch”). Prior year information includes only stand-alone data for Lennar Corporation for the three months ended May 31, 2024. Homebuilding Revenues from home sales decreased 7% in the second quarter of 2025 to $7.8 billion from $8.4 billion in the second quarter of 2024. Revenues were lower primarily due to a 9% decrease in the average sales price of homes delivered, partially offset by a 2% increase in the number of home deliveries. New home deliveries increased to 20,131 homes in the second quarter of 2025 from 19,690 homes in the second quarter of 2024. The average sales price of homes delivered was $389,000 in the second quarter of 2025, compared to $426,000 in the second quarter of 2024. The decrease in average sales price of homes delivered in the second quarter of 2025 compared to the same period last year was primaril